Germany raises 2020 growth forecast slightly to 1.1%

Business

Peter Altmaier (CDU), Federal Minister of Economics and Energy, talks to journalists after a press conference on the agreement between the federal government and the coal-producing states on the coal phase-out in Berlin, Germany, Thursday, Jan.16, 2020. (Bernd von Jutrczenka/dpa via AP)

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BERLIN (AP) — The German government on Wednesday modestly raised its economic growth forecast for the country this year to 1.1%.

Germany’s economy, Europe’s biggest, has grown for 10 consecutive years but last year’s 0.6% growth was the weakest since 2013.

In October, the government predicted growth this year of 1%.

“The economy will develop better this year than was expected last year,” Economy Minister Peter Altmaier said of the new forecast. “Prospects have lightened up — but we cannot be satisfied with the current growth. The current growth figures are still too low.”

The economy was supported last year by private spending, but export growth slowed and manufacturing was weak.

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